Daily Buzz: Thursday, 27 June
By
PropertyBuzz, your daily dose of property news.
ACT Takes Action Against Rent-Raising Loophole, New South Wales Confirms Property Owners Will Foot emergency services bill, and strata gets a shake-up
Welcome to Property Buzz! I’m Grace Ormsby
Today is Thursday, 27 June.
And New legislation in the ACT will close a loophole that allowed landlords to raise rents beyond legal limits due to housemate changes or a change to a month-to-month lease.
It provides more tighter control over rising rents, and ensures rent increases in the territory are limited by a formula linked to the consumer price index.
– The legislation also allows victims of domestic violence to end tenancies quickly without penalty and streamlines rental processes in share-house situations.
Up in New South Wales, the government plans to shift emergency services funding from the insurance sector to property owners, despite opposition from the housing industry.
– The latest state budget confirms the state’s commitment to this reform, citing increasing costs due to climate change and natural disasters making insurance more unaffordable.
– The Real Estate Institute of NSW CEO, Tim McKibbin, has criticized the move as reckless, arguing that more tax on property owners will lead to reduced investment in property.
And sticking with Australia’s most populated state, the state government has acted swiftly in an effort to restore consumer confidence in strata schemes, following a recent scandal around inflated insurance brokerage fees.
New laws are currently under consultation to impose stricter penalties and disclosure requirements to prevent conflicts of interest and ensure better transparency in the industry.
– Key proposed changes include higher penalties for non-disclosure of commissions, banning agents from receiving commissions on insurance products without providing value, and stronger NSW Fair Trading enforcement powers.
The government said strata schemes play a crucial role in addressing the housing crisis.
That’s Property Buzz for today.
See you again tomorrow, 28 June, for your daily dose.
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